BlackRock will benefit from Lane's ability engage with RIAs at a deeper level, says Alex Potts, CEO of Loring Ward, a TAMP in San Jose, Calif. that manages about $17 billion, largely of DFA mutual funds.

"Michael totally understands advisors," he writes in an email. "[He] will bring to BlackRock his understanding of advisor communities and how to build those communities. BlackRock may not have the brand cache -- read loyalty -- of a DFA. However, many of their investment solutions are really good. I also suspect that many DFA advisors also utilize BlackRock strategies, so this should only reinforce that usage."

'Massive opportunity'

Potts continues: "His role at DFA was primarily on the retirement side -- he migrated from the advisor side about five years ago -- and my impression is that he did a good job, however the potential for that retirement division within DFA was much more limited than the massive opportunity that was presented from BlackRock."

Lane will oversee the iShares Leaders team, led by Madeleine Sinclair, and report jointly to Salim Ramji, head of US Wealth Advisory, and Martin Small, head of US iShares.

"As our iShares business within US Wealth crosses $1 trillion in assets, Michael’s goal is to help us reach the next trillion in growth by helping advisors build better portfolios with our core, fixed income, factor and model-based ETFs," reads an internal memo issued by Ramji and Small earlier this month.

Alex Potts: I don’t think it’s an existential threat to DFA.

Lane joined Austin, Texas-based DFA in 2004. Most recently he served as global head of strategic retirement initiatives.